STORY: Taylor Swift fans who hoped to attend the pop superstar's Vienna concerts this week aren't the only ones facing financial setbacks.
Insurers covering the three concerts - which were canceled due to a planned terrorist attack - face millions of dollars in claims.
That's according to sources involved in insurance for Swift's tour.
Organizers of large sporting and entertainment events typically buy event cancellation insurance, much of which tends to be insured through the Lloyd's of London market by a consortium of insurers.
A Lloyd's of London spokesperson confirmed that event cancellation insurance is offered, but said it could not comment on specific policies.
Militant attacks are often excluded from event cancellation policies, but policyholders typically buy extra coverage against them, or the threat of them.
Reuters could not establish the extent of coverage on the concerts but one executive at credit rating agency Morningstar said losses could be in the tens of millions of dollars.
As for the fans, even though concert organizer Barracuda Music said all tickets would be refunded within 10 days, some "Swifties" also spent thousands of dollars to fly across the globe to see the superstar... like Kelsey Nick from Minnesota:
“I mean, our Airbnb at minimum was 4,000, and then our flights were like 1,500 or something like that. Fifteen to 2,500, so yeah, it was like a minimum of 5,000, I think. That’s not including meals or anything like that. So yeah, it’s a good chunk of change for sure.”
Swift's Eras tour is estimated to generate nearly $2 billion in ticket sales.
